China Overseas Land's revenue hits HK$21.05 bln in 1st 9 months

Oct. 23, 2009 (China Knowledge) - China Overseas Land & Investment Ltd<0688> yesterday announced that it reaped HK$21.05 billion in operating revenue in the first nine months of this year and that its operating profit was HK$7.18 billion, sources reported.

In the third quarter of this year, the Hong Kong-listed firm realized HK$5.57 billion in operating revenue and HK$1.8 billion in operating profit.

In the period from January to September, the real estate developer's contracted sales area was around 4 million square meters, whereas its sales area was 2.71 million sq m in 2008. Its contracted sales revenue was HK$38.47 billion, much higher than HK$26.61 billion the firm earned in the same period of last year.

As of Sep. 30, 2009, China Overseas Land & Investment had HK$23.17 billion in cash and had completed 93% of its sales area target for the year.

The property enterprise purchased six properties in four cities of mainland China in the third quarter of this year. The properties will have a gross floor area of around 3.36 million sq m in total. In Hong Kong, the firm plans to sell high-end apartments in Stanley and Kowloon Tong next year.